Global conditions continued to remain weak with US markets closing lower. The rupee had closed at a 13 month low on tuesday and dealers fear that it is just a matter of time before the rupee once again crosses the 64 levels mark.
Foreign fund flows have not supported the rupee with FIIs being consistent sellers. On Tuesday they sold stocks worth Rs 1200 crores in the cash market.
India's trade deficit also widened to a 18-month high putting pressure on the rupee. Gold imports have been rising, though there are hopes that falling crude prices could benefit India immensely. Check Rupee rates here
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